Thursday, June 19, 2008

banks asking Fed for more money...


Wall Street companies and commercial banks borrowed slightly more from the Federal Reserve's emergency lending program over the past week.

A Fed report released Thursday said the investment firms averaged $8.6 billion in daily borrowing for the week ending June 18. That compared with $8.4 billion the previous week.

The investment houses were given similar loan privileges as commercial banks in March after a run on Bear Stearns pushed the nation's fifth-largest investment bank to the brink of bankruptcy and raised fears that other Wall Street firms might be in jeopardy.

Banks, meanwhile, averaged $13.4 billion in daily borrowing for the week. That compared with $13.1 billion in the previous week.

The identities of commercial banks and investment houses are not released.